Unlike renovation loans or construction loans, a bridge loan is a first lien mortgage with no construction budget designed to fill the gap between completing the property’s construction and the property’s sale or permanent financing. It can also be used for a delayed purchase where the borrower buys in cash to meet an aggressive closing date and is looking for leverage shortly thereafter. The properties can be single family, multi-family or mixed-use.
Key benefits of Bridge Loans for your next project:
Increased Profit Potential
For a delayed purchase, a RenoMoney loan can help you increase your ROI by decreasing your out-of-pocket cash and potentially freeing up cash for additional projects. For a bridge to sale or permanent financing, borrowers are able to avoid default and/or extension fees on their current loan as well as time the market if they believe permanent financing rates are on a downward trend. We want to be a true partner and advisor who can help you scale your business.
RenoMoney’s highly experienced, senior level team is hands-on in ensuring your loan closes on time. The people doing the work are also the decision-makers so the loans keep moving with none of the bureaucratic delays common with “institutionalized” lenders in the hard money space. We are not a bank and don’t aspire to be one.
RenoMoney prides itself on being a small company that provides senior level attention to every deal that comes in the door. Your loan won’t get lost in the shuffle because your loan is important to us no matter how big or small it is.
Our seasoned team understands the unique attributes of your deal and structures financing that makes sense for your property. Our best-in-class credit risk experience enables us to close deals even if they don’t always “fit the box”. We also quickly tell you if we can’t do the deal so we don’t waste your time.
RenoMoney’s team does our best to simplify the process for the borrower. We generally don’t require tax returns, proof of income, or seasoned funds. We minimize the number of forms that need to be completed. We don’t ask for the same document twice, but we will tell you if there is an issue with a submission and how it can be corrected. We provide clear instructions and are always available to help if you have questions or need support. We are a patient and reliable partner.
If you are looking to pull money out of a recent cash purchase or need some extra time before the sale or permanent financing of a finished property, explore the potential of bridge loans today. Partner with us to access the capital and expertise you need to profitably grow your real estate portfolio. Your real estate success story begins with the right financing solution.
Connect with us today!
